Uruguay Ready to Face International Financial Crisis

Uruguayan President Tabare Vazquez said Tuesday that his country is strong enough to face the international financial crisis.

At a press conference, Vazquez said his country is strong in the economic and financial fields and it does not have problems to face the future.

The crisis in the U.S. and Europe without doubts will reach the region, but Uruguay is ready to face them, Vazquez said.

Today we can face, without problem, a crisis of that kind, Vazquez said referring to the financial crisis in 2002, which provoked the bankruptcy of many local banks.

Vazquez said there are encouraging factors for the country, like the rise of the U.S. dollar, which stimulates some sectors of the production and the reduction on the price of oil which Uruguay has to totally import.

Source: CRIEnglish